Article 73 of the Saudi Commercial Court Law
المادة 73 من النظام التجاري نظام المحكمة التجارية · الفصل السابع: في تحويل السفاتج المعبر عنه بالجيرو
The article permits the person entitled to a lost bill of exchange that does not bear the form of acceptance to claim on any copy of it.
Official text (Arabic)
This article has not been amended since the law was issued.
إذا ضاعت السفتجة التي ليس عليها صيغة القبول يحق لمستحقها أن يطالب بموجب أي نسخة منها .
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 73 explained in plain English
This article begins the series of rulings on the loss of a bill of exchange, and deals with the easier case: the loss of a bill that does not bear the form of acceptance.
The ruling: the person entitled to it may claim on any copy of it.
This case is easier because the lost copy does not carry an acceptance obligation signed by the drawee, so claiming on another copy does not expose the drawee to the risk of being claimed against on an established acceptance obligation on the lost copy. The text therefore permits claiming on any copy without requiring a guarantor or an order from any particular body.
This case is contrasted with what Article 74 provides after it: if a bill bearing the form of acceptance is lost, a claim may not be made on any other copy except after producing a guarantor with a temporary guarantee of up to three years and after an order from the Commerce Council. The difference between the two rulings is the presence of acceptance on the lost copy.
Before it, Article 72 provides that the loss of a bill is one of the two cases in which refusing to pay its value is accepted.
If you have lost a bill, first determine whether the lost copy was accepted or not, and consult a lawyer specializing in commercial paper.
Practical example
A merchant in Riyadh lost the first copy of a bill of exchange that the drawee had not yet accepted, and he has the second copy. Under this article he may claim on the second copy.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 73 of the Saudi Commercial Court Law
What should I do if an unaccepted bill of exchange is lost?
The person entitled to it may claim on any copy of it.
Does the ruling differ if the lost copy was accepted?
Yes. Under Article 74, a claim may not be made on another copy except after producing a guarantor with a temporary guarantee of up to three years and after an order from the Commerce Council.
More articles on Endorsement, Payment and Recourse on the Draft
- Article 51
The article makes the drawer of a bill of exchange and the endorsers who transferred it jointly liable for its acceptance and for payment on time, and jointly bound to pay its holder.
صاحب السفتجة والمحيلون المتناقلون لها مسئولون على وجه التضامن عن القبول والدفع في ميعاده وملزمون لحاملها بالوفاء على وجه التضامن
- Article 57
The article provides that the intervener is not bound to pay the bill's value on the due date except after notice of non-payment has been given within the set time.
لا يجب على المتوسط المذكور دفع قيمة السفتجة في ميعاد استحقاق الدفع إلا بعد عمل الإخطار بعدم الدفع في الميعاد المحدود .
- Article 60
The article provides that ownership of bills of exchange passes from one person to another by transferring them by endorsement on them.
تنتقل ملكية السفاتج من واحد لآخر بتحويلها شرحا عليها .
- Article 61
The article sets the particulars of a bill's transfer: the date, a statement that value has been received, the name and surname of the person to whose order it passes, and the endorser's signature or seal.
يؤرخ تحويل السفتجة ويذكر فيها أن قيمتها وصلت ويبين فيها اسم وشهرة من انتقلت تحت إذنه ويضع المحيل إمضاءه أو ختمه .
- Article 62
The article provides that a transfer of a bill of exchange that does not meet the conditions of Article 61 does not pass ownership but counts as an ordinary authorization to collect its value.
إذا لم يستوف تحويل السفتجة شرائطه المبينة في المادة السابقة فلا يوجب انتقال الملك بل يعد توكيلا اعتياديا في قبض قيمتها .
- Article 63
The article prohibits putting dates in transfers ahead of their true date, and treats that as forgery if it occurs.
تقديم التواريخ في التحاويل عن تاريخها الحقيقي ممنوع وإن حصل يعد ذلك تزويرا .
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.